Kreisler & Kreisler, LLC v. National City Bank, et al., No. 11-1772 (8th Cir. 2011)
Annotate this CasePlaintiff brought a class action against the Bank, alleging that the Bank breached its contract by charging interest in excess of the rate specified in the promissory note. The court affirmed the district court's grant of the Bank's motion to dismiss where the district court correctly concluded that the relevant provisions were clear, did not conflict with one another, and adequately disclosed the interest to be charged.
Court Description: Civil Case - contract. District court's dismissal of class action challenging the rate of interest charged by bank is affirmed. Applying the 365/365 method of calculating bank interest does not conflict with the term "per annum," the payment provision is not uncertain nor indefinite, and the terms of the payment provision are consistent with the variable interest rate provision.
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